There are lenders who are more flexible than others. Some in terms of credit scoring, some are more lenient in criteria and some in both.
Lenders do occassionally tweak their criteria or credit scoring systems which can mean 2 identical customers applying 6 months apart may get different outcomes.
As a Mortgage Brokers who specialise in bad credit Mortgages, it is our job to know which lenders are likely to accept varying types of adverse and we pick that knowledge up over time. The one big thing we tell people is that fitting criteria does not mean you will get accepted, likewise having a score of 999/Excellent on a credit report means nothing. At best it is an indication but in reality it is not worth relying on.
We have a list of our lenders and their criteria which is constantly updated, which means we can usually reduce down the options fairly quickly with a couple of calls to check anything that we are not 100% sure on.
Surprisingly although we do a lot of adverse Mortgages, so far this year (January – 14th March 2017) only 2 of our applications have gone to adverse lenders.
If you think of it like a hand and a glove (sorry for the cheesy analogy), it is our job to find the glove that fits your circumstances. We would always prefer to get your application with a high street lender. Not only is it less work for us at application stage, you are happier that we have done a good job and are more likely to refer us to friends and family, but it also helps us to keep our insurance premiums down, so it is in everyones interest to get you a “normal” Mortgage.
So to answer the intial question, whilst there are a couple of lenient lenders. It comes down to the finding the one who is most forgiving of your individual circumstances and pairing you up together. It is not a one size fits all approach in the Mortgage world and what is good for one person is not necessarily good for another.
Give us a call or drop us an email for a chat to see what we think is achievable for you – as always, there is no sales spiel at any time. We will give you a realistic idea of rates/fees and acceptance chances, if you are happy with that we can go to the next stage, if not then we will still wish you all the best.